Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 28, no. 695: July 9, 1881

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Real Estate Record AND BUILDERS' GUIDE. Vol. XXYIII NEW TOEK, SATUEDAY, JULY 9, 1881 No. B95 Published Weekly by The Real Estate Record Association TERMS: ONE TEAK, in advance.....$6.00 Communications should be addressed to C. W. SWEET, 137 Broadway. J. T. LINDSEY, Business Manager. OUR INDEX. The sixteen-page supplement, giving an index of everything that has appeared in the Real Es¬ tate Re'cobd within the last six months, will be found of very great value to all who deal in real estate or are engaged in building operations. To brokers and operators the Record and the Index are, in fact, indispensable. It economizes time and epitomizes all the transactions for the half year. People who think of purchasing propei-ty naturally wish to know what sales have recently been made in that neighborhood, and at what prices. This information the Index gives them. If one wants to trace the progress of building in different parts of the city, to know when certain edifices were commenced and the estimated price, when the plans were made; it is also often desir¬ able to know who the architect and builder are, for the character of a structure often depends upon the persons who constructed it; a reference to the Index will give every essential fact about the operation. Of course this supplement is of no value except to those who keep their files of the Real Estate Record. These files, by the way, are daily get¬ ting more valuable, in view of the large increase in transactions and the heavy building now going on in all parts of this island. A record of tran¬ sactions and of prices is the only safe guide for those who wish to buy or sell, or to the brokers who bring buyers and sellers together. Te encourage the keeping of files of the Real Estate Record, we have on hand specially pre¬ pared covers, which we wiU furnish or send to any address for one dollar. We make this an¬ nouncement now, in view of the large number of new subscribers, many of whom may wish to keep files of the Record. THE IRISH LAND QUESTION. It is expected that Premier Gladstone will have carried his new Irish land bill through both the Commons and Lords by the middle of August. The tendency of this legislation will be to make the ownership of land in Ireland precarious. In this country the right of a purchaser to his property is weU nigh absolute. No one can interfere with his possesions, except his land is used to create a public nuisance or is needed for some improvement. But in Ii'elaud a land owner will hereafter find his property inse¬ cure, his tenants have certain rights for improvements, for holdings and any little dispute is the subject of a lawsuit. There may be social and political necessity for the passage of these Gladstone laws, but it is safe to say that their enactment would be im¬ possible in this country. One reason of the iarge immigration of foreigners to our West¬ ern states and territories is because of the chance offorded for securing farms and homes to which the title will be absolute. In England and Scotland land is not only very dear, hut the title is nearly always doubtful and there'are many legal liabilities growing out of endowments, hfe interests and entails. It follows that land ownership is getting more undesirable every day in the old country and that those who wish to be¬ come independent and sit under their own vine and fig tree will naturally seek a home in this country. It is a pity, while they were about it, that the English Government did not seek to solve the problem for good and all by buy¬ ing out the great estates and reselling them to the actual tillers of the soil, who could pay through a long series of years. This would effect the same revolution as that brought about by the Stein laws in Prussia, and the land distribution which took place in France in the last century. Ireland would then have a land system similar to ours, in which the soil could be worked directly by the owner and all the improve¬ ments become his own. But we fear the new system inaugurated or rather continued by Minister Gladstone will give Ireland land¬ lords without authority and tenants without responsibility and that those who will profit most will be the lawyers. ---------«--------- THE STRENGTH OF THE MARKET. The failure of the attempt on the Presi¬ dent's life to depress stock values, settles the question, that in all human probability, there will be no serious break in the market for the next two months. It has suited the purpose of the journals controlled by James R. Keene, to represent the market as being in a dangerous condition, liable at any mo¬ ment to break away into a ruinous panic. It has been said stocks were high, unnatur¬ ally so ; but if this had been the case, the market last Saturday would have " slumped " beyond immediate recovery. But the events of the past week settle the question that we shall have a strong, if not a buoyant market. To this condition of affairs, there is only one drawback. The harvest abroad promises to be far in excess of last year, while at home, it is evident, that the crop will be less than last^ year or the year before. The heavy buying, how¬ ever, of St. Paul & Northwest, shows that railroad men believe that the general busi¬ ness of the country and the large immigra¬ tion, will more than make up for any de¬ ficiency in the harvest. At any rate, by this time next week, the crop question will be practically settled one way or the other. Among the points circulating in tho street, are the following :— That Western Union is to be put up to 106, that its profits show it is earning 8 per cent on its capital of $80,000,000. That Union Pacific and Central Pacific are about to pay the Government debt, so as to relieve themselves of Government su¬ pervision. Union Pacific to raise the neces¬ sary means, by issuing new stock to its present shareholders, while Central Pacific is negotiating a loan on the London market; 150 is predicted for Union Pacific and 130 for Central Pacific within the next thirty days. That Northwest, Union Pacific and Cen¬ tral Pacific will then be uni*-ed under one management. That Wabash common wiU sell at 70 before October. That Russell Sage, who has got control of Metropolitan, intends to put in a Sound board of Trustees, increase the fares and make the property dividend paying. That Consolidated Coal, now selling at 433^, may reach 60 early in the fall. That Cincinnati & Sandusky is good for ten points. That the entire market is a purchase, and the highest prices will obtain during the last week in July, but on Friday afternoon the market closed weak, and should there be bad news from Washington prices wUl go off. RESERVOIR SQUARE. As it is settled that the aqueduct on Fifth avenue, between Fortieth and Forty-second streets, is to be removed, the question comes up, what will be the probable future of that neighborhood? The large landed interest which secured the removal of the aqueduct, expects some pecuniary advantage. There will be a heavy assessment upon the sur¬ rounding property to make the improvement, and it is believed the neighborhood wiU be¬ come healthier, and, therefore, more desira¬ ble to live in. It had been proposed to build a polytechnic institute or fair on Reservoir square. This would include a perpetual industrial exhibi¬ tion, as well as school for technical educa¬ tion. All kinds of fancy goods, statues, pictures and objects of vertu might be sold in the place of glass and iron where the ex¬ hibition would be held, ^ut we suppose that the same influences which secured the removal of the aqueduct, would be opposed to any money-making speculation in connec¬ tion with the square itself. But one of the shrewdest and most far-seeing real estate ex¬ perts in this city is of opinion that in time Reservoir square wiU be surrounded with great retail houses. He is of opinion that Tiffany's, Park & Tilford's, and some of the leading dry goods and fancy stores will find it to their advantage to settle on Fifth and Sixth avenues, as well as on Fortieth and Forty-second streets. It is now the centre of the population of the island. On every side of it are the best and wealthiest retail pur¬ chasers in the city. It is but a step to the Grand Central Depot, and the vast country retail trade would naturally patronize the locality if desirable stores were established on Forty-second street and Fifth avejaue.